The task of consolidating the many common law rules largely formulated in the eighteenth and nineteenth centuries was performed by Sir Frederick Pollock who first drafted the Partnership Bill in 1879, and amended it several times which resulted in, the Partnership Act, 1890, and proved to be one of the most successful pieces of legislation in English Law.
In India the first attempt was made in 1872 to reduce the law relating to Partnership in writing. In this year the law relating to partnership was reduced into writing in XIth Chapter (sections 239-266) of Indian Central Act. This Act was mainly based on the reports of Indian Law Commission, 1866 which was prepared on the basis of sections of English Law. But subsequently with a view to develop modern law of partnership separately these sections were repealed and a separate Act namely, the Indian Partnership Act, 1932 (Act IX of 1932) was enacted. Sections 239-266 of the Indian Contract Act, 1872 (9 of 1872) were repealed by section 73 of the Partnership Act, 1932.
As against only 28 sections relating to law of partnership in the Indian Contract Act, 1872, the present Act, namely Indian Partnership Act, 1932. contains as many as 74 sections. Thus, the law of partnership was further explained although in substance very little was altered.
The Indian Contract Act, 1872, is a Parent Act in-so-far as the general principles contained therein are applicable to all kinds of contracts unless an exception is provided in a particular Act. Section 3 of the Indian Partnership Act, 1932, therefore, provides the unrepealed provisions of the Indian Contract Act, 1872, save in-so-far as they are inconsistent with the express provisions of this Act, shall continue to apply to firms.
The present Act called the Indian Partnership Act, 1932 extends to the whole of India, except the Jammu and Kashmir. It came into force on the 1st day of October, 1932 except section 69 which came into force on the first day of October, 1933.
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